Standard & Poor's Ratings Services affirmed its 'AA-' standard long-term rating and 'AA-' underlying rating (SPUR) on Charlotte-Mecklenburg Hospital Authority, N.C.'s outstanding bonds. The authority does business as Carolinas HealthCare System (CHS). Management plans to restructure $898.8 million in auction- and variable-rate securities. The series 2007G, 2007J, and 2007K bonds ($268.1 million) will be converted to variable-rate demand bonds, supported by Dexia liquidity facilities and insured by Financial Security Assurance Inc. (FSA; 'AAA'). Effective April 25, 2008, the series 2007B, 2007C, and 2007L ($227.2 million) variable-rate demand bonds have amended, irrevocable liquidity facilities from BayernLB, and insurance from Ambac ('AAA'). The series 2007H bonds ($166.1 million) will be converted to variable-rate demand mode, with an irrevocable liquidity facility from a...
Companies mentioned in this report are:
- Charlotte-Mecklenburg Hosp Auth
Action: Outlook: Stable
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